New York IPO details and $330m credit facility for Scorpio Bulkers

With the underwriter's 30-day option to purchase a further 2.3m shares, the offering could gross $173m for the dry bulk operator at the current Oslo OTC price of $9.75 per share, adding to the $842m it has already raised on the Norwegian Exchange. Unsurprisingly, the company has stated that the proceeds will be used to fund its newbuilding and initial fleet capital expenditures.

The IPO will involve an exchange of shares currently listed on the Olso OTC, moving the company's listing over to New York.

The company also announced that it is committed to a $330m senior secured credit deal with Credit Agricole and Deutsche Bank, that it expects to sign once its listing is complete.

Scorpio Bulkers currently has an orderbook of 52 vessels, five of which were announced earlier today, with a total value of $1.6bn, $156.6m of which has been paid in deposits.